than your asking price but agrees to close quickly without any financial or inspection contingencies. While the first buyer offered more money, the second buyer was more appealing time-wise. If you were under a time constraint, the second buyer has solved your problem. However, in a market with low inventory, you may be able to negotiate with the lower- offer and indicate that if they come up to the asking price, you will accept their offer. This approach has had a very high success rate for me.
DO GET THE LAST CONCESSION
Remaining calm and focused during the counteroffers is the key to getting the last concession. By asking the buyer to give something in return every time he or she comes back with another request, you gain the upper hand, and the buyer will start backing away from making nonessential demands. DON’T BECOME FLOODED WITH C ED WITH CONCESSIONS When a buyer submits an offer to you, unless it’s a fantastic one, you should bring counteroffers to the table. Perhaps a different price and/or concessions — such as shorter closing dates, terms, modifications of contingencies, or incentives — will enter the negotiations. When reviewing the offer, be sure to consider items that would be unacceptable to you. A counteroffer is used to, in effect, accept some (or most) of the terms of the buyer’s latest offer, while modifying other items. Since there is no limit to the amount of times counteroffers can be made, make sure the buyer will have to wait for your response. Your eagerness to respond may be interpreted as desperation on your part, which, in turn, may give the buyer more leverage. I often indicated to my clients that if both parties feel a little pain, it is usually a good deal.
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